Shenzhen Energy Investment Co, a power producer in southern China, said it plans to take a 30 percent stake in a liquefied natural gas venture with the gas and power generation unit of China National Offshore Oil Corp.
The venture, which is still awaiting the completion of a feasibility study and regulatory approval, will have registered capital of 100 million yuan (US$14 million), the company said in a statement to the Shenzhen Stock Exchange yesterday.
The statement said the board approved a change in the company's name to Shenzhen Energy Group Co.
The board also approved a proposal to contribute 922.6 million yuan to expand the registered capital of its finance and transport units, according to Bloomberg News.
It will raise the registered capital of its finance unit to one billion yuan from 260 million yuan.
Shenzhen Energy, which is part-owned by Huaneng Power International Inc, said it will contribute 442.6 million yuan to its finance unit and two companies it controls indicated they will inject 271.4 million yuan.